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As per the sources from the newspaper, Revolut intends to purchase an affordable financial institution, enabling it to conduct lending activities in the States.
This action would enable the startup to grow in the US market more quickly than it could have by pursuing a US banking license independently, the sources indicate.
According to the FT, Revolut is among various European fintech firms aiming to penetrate the vast US market, which offers the chance for new clientele and possibly considerable deposits.
As per a source from the newspaper, Revolut has not reached a definite conclusion on acquiring a US bank and is contemplating submitting a separate application for a license.
The deregulation efforts of the White House suggest that the Office of the Comptroller of the Currency (OCC) will hasten the bank licensing process, according to the source.
Another source informed the publication that Revolut was also looking into the possibility of acquiring a bank in the Middle East.
source: ft.com
This action would enable the startup to grow in the US market more quickly than it could have by pursuing a US banking license independently, the sources indicate.
According to the FT, Revolut is among various European fintech firms aiming to penetrate the vast US market, which offers the chance for new clientele and possibly considerable deposits.
As per a source from the newspaper, Revolut has not reached a definite conclusion on acquiring a US bank and is contemplating submitting a separate application for a license.
The deregulation efforts of the White House suggest that the Office of the Comptroller of the Currency (OCC) will hasten the bank licensing process, according to the source.
Another source informed the publication that Revolut was also looking into the possibility of acquiring a bank in the Middle East.
source: ft.com